The ongoing correction in mid and smallcap stocks (SMID) is likely to extend further, analysts cautioned on Monday.
The warning comes even as the Nifty Midcap 100 index and the Nifty Smallcap 100 index have declined 6.7 per cent and 3 per cent, respectively, in the month of October, and 8.8 per cent and 6.9 per cent from their respective all-time highs, as per ACE Equity data.
A decline of more than 10 per cent from a security's recent peak puts it in a 'correction' phase.
"Despite the recent correction of nearly 10 per cent in mid, smallcap indices, the pack doesn't seem to trade at 'reasonable valuations'. Further correction is required to trigger some value buying. The euphoria in SMID stocks could not have lasted forever," said AK Prabhakar, a market veteran.
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